India-based Flipkart, an online shopping platform, has raised $200 million from existing investors Naspers, Tiger Global Management and Accel Partners. Flipkart launched in 2007 with the objective of making books easily available to anyone who had Internet access. It has since grown into a major online retailer, selling products across a number of categories, including movies, music, games, mobile devices, cameras, computers, healthcare & personal products, home appliances & electronics, toys, apparel and more.
The company is no stranger to monster deals, having raised $150 million in Series D funding from all the same investors and Iconiq Capital just last August. Previous funding rounds also include a $1 million raise in 2009, a $10 million Series B financing in 2010 and a $20 million Series C funding in 2011. After last summer’s hefty financing, the company’s valuation was reportedly $850 million; the latest round values the company at a reported $1.5 billion.
Flipkart is quickly growing, just as India’s e-commerce industry is rapidly expanding. The space has some major local players (and Flipkart competitors), including Snapdeal, which raised $50 million in funding led by eBay in April. The recent rise of e-commerce in India prompted online retail giant Amazon to join the action, which entered the Indian market last year by launching a local website, Junglee.com.